The purpose of this paper then, is to add to the existing literature on financial contagion. While a vast amount of the debate has been made using data from the late 1990s, this…
Abstract
Purpose
The purpose of this paper then, is to add to the existing literature on financial contagion. While a vast amount of the debate has been made using data from the late 1990s, this paper differentiates itself by analysing more current data, centred around the most recent global financial crisis, with specific focus on the stock markets of Hong Kong and Tokyo.
Design/methodology/approach
Employing Pearson and Spearman correlation measures, the dynamic relationship of the two markets is determined over tranquil and crisis periods, as specified by an Markov-Switching Bayesian Vector AutoRegression (MSBVAR) model.
Findings
The authors find evidence in support of the existence of financial contagion (defined as an increase in correlation during a crisis period) for all frequencies of data analysed. This contagion is greatest when examining lower-frequency data. Additionally, there is also weaker evidence in some data sub-samples to support “herding” behaviour, whereby higher market correlations persist, following a crisis period.
Research limitations/implications
The intention of this paper was not to analyse the cause or transmission mechanism of contagion between financial markets. Therefore future studies could extend the methodology used in this paper by including exogenous macroeconomic factors in the MSBVAR model.
Originality/value
The results of this paper serve to explain why the debate of the persistence and in fact existence of financial contagion remains alive. The authors have shown that the frequency of a time series dataset has a significant impact on the level of observed correlation and thus observation of financial contagion.
Details
Keywords
The article questions a recent interpretation of increased intergenerational sharecropping in Haiti as a labour‐mobilising device and offers a re‐interpretation based on the…
Abstract
The article questions a recent interpretation of increased intergenerational sharecropping in Haiti as a labour‐mobilising device and offers a re‐interpretation based on the increasing relative price of land.
This article re‐examines the theoretical foundation of self‐directed teamwork theory in light of current developments in organizational America, and suggests propositions about…
Abstract
This article re‐examines the theoretical foundation of self‐directed teamwork theory in light of current developments in organizational America, and suggests propositions about the relationship between teamwork and organizational policies such as downsizing. Teamwork is the exercise of creativity and autonomy by employees in pursuit of organizational goals. Effective teamwork requires a sense of trust and inclusion on the part of these employees. Organizational practices such as downsizing and contingent labor can erode this trust. If organizations wish to avoid undermining the financial, productivity and morale gains of teamwork, while observing their broader social responsibilities, they should reconsider their reliance upon downsizing and contingent workforces as a quick and dirty means of achieving cost savings.
In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…
Abstract
In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.
Details
Keywords
Perceived compatibility between requirements of managerial work and attributes of women is believed important to the advancement and success of women, and research demonstrates…
Abstract
Perceived compatibility between requirements of managerial work and attributes of women is believed important to the advancement and success of women, and research demonstrates continued ambivalence about women executives. The question of how images of women executives are disseminated, reproducing or contesting negative characterizations, has received little attention. The research reported here focuses on US business press as a cultural carrier disseminating images of women executives. Critical discourse analysis examined 27 front page Wall Street Journal accounts of 22 women executives in the year following Carly Fiorina’s appointment to head Hewlett‐Packard; 20 front page accounts of 24 men executives were used as comparison. Prominently featured articles on women executives provide fractured images of women as executives: while some accounts are positive, other portrayals reinforce negative perceptions of women’s competence and likeability as executives and concerns about the social order. Similar issues are not raised in coverage of male executives. Author gender does not seem to affect the portrayal.
Details
Keywords
Solomon Eskinazi, Robert F. Bruner and Sean Carr
On March 1, 2001, Jessica Gallinelli, managing director of Bancroft Capital Management, heard surprising and somewhat disturbing news about the proposed bid by General Electric…
Abstract
On March 1, 2001, Jessica Gallinelli, managing director of Bancroft Capital Management, heard surprising and somewhat disturbing news about the proposed bid by General Electric Company (GE) for Honeywell International Inc. Despite recent public assurances about the deal from GE's chairman and chief executive officer (CEO), John F. “Jack” Welch Jr., the antitrust regulatory authority of the European Commission (EC) announced it had initiated a review of the proposed merger. Gallinelli, whose fund owned a large stake in Honeywell, considered this major development and wondered whether Bancroft should alter its investment. Immediately, Gallinelli instructed her associate to provide background material on the merger, an assessment of the probability the merger would be approved by antitrust regulators in the U.S. and Europe, and valuation analyses to assist Gallinelli in assessing Bancroft's investment in Honeywell. She would need to decide quickly whether to hold or sell her fund's 10 million shares in Honeywell and short position of 10 million shares in GE. As a risk arbitrageur, she thought prices would respond rapidly to the EC's announcement. She remembered Jack Welch's confidence of five months earlier that this was the “cleanest deal you'll ever see,” and she wondered whether that was still the case.
Details

Keywords
The “old” concept of productivity seems to be misleading in health care, because it does not involve the contribution of the patient in value creation. The purpose of this paper…
Abstract
Purpose
The “old” concept of productivity seems to be misleading in health care, because it does not involve the contribution of the patient in value creation. The purpose of this paper will therefore be to explore possibilities for developing service productivity in theory and practice.
Design/methodology/approach
The analysis is based on a discursive reading of authoritative texts, an understanding of how health care work is organised and of several examples illustrating value creation. A proposed theoretical frame draws on “value creation”, “match matching” and “agency”. Empirical material is used, as are an analysis of a service meeting in health care, official texts in a Swedish context and narratives written by “users” and professionals.
Findings
The concept of service productivity in the context of health care encompasses values such as experienced health, quality of life, accessibility, trust, communication, avoidable suffering and avoidable deaths, and not only reduced costs, activities and outcomes.
Research limitation/implications
There is a need for more research concerning matchmaking and support of the customer. An overall aim for the providers should be to match the value creation process of the customer (patient).
Originality/value
This is a conceptual paper concerning value creation and service productivity in health care.
Details
Keywords
Sharon A. Simmons and Jeffrey S. Hornsby
We conjecture that there are five stages to academic entrepreneurship: motivation, governance, selection, competition, and performance. The process of academic entrepreneurship…
Abstract
We conjecture that there are five stages to academic entrepreneurship: motivation, governance, selection, competition, and performance. The process of academic entrepreneurship originates with the motivation of faculty, universities, industry, and government to commercialize knowledge that originates within the university setting. The model conceptualizes that the governance and competitiveness of the commercialized knowledge moderate the mode selection and ultimately the performance of academic entrepreneurship. The conceptual and empirical support for the model are derived from a theory-driven synthesis of articles related to academic entrepreneurship.